Written by Lorna Rose, Director of TenantID
Know their history
Mortgage lenders are looking favourably on the buy to let market once again which is great news for anyone wanting to make a living out of letting properties. Take out a mortgage, buy a property, find a tenant and bingo – life couldn’t be easier.....or could it?
The trouble is if the tenant you find doesn’t pay their rent, uses your property as a cannabis farm or wrecks the place before vanishing without a trace then that little dream of making a bob or two could turn into a nightmare.
If that happens, not only do you have a hole in your expected income, court proceedings to wade through or a huge repair bill, you also have the mortgage repayments.
That is why it is essential to check your tenant’s history before you hand them a key to your property. It is vital to find out as much as possible about your next prospective tenant, giving you the confident to let your property and that extra help, knowing your mortgage will be paid at the end of each month.
TenantID is a nationwide database which can tell you at the touch of a button whether the person wanting to rent your property is a safe proposition or has a track record of trouble. The information is provided by people like you and the aim is to create a nationwide network of people in the lettings industry sharing information to protect one another from rogue tenants.